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  • Writer's pictureBob Brooks

Can The Government Take Money Out Of Your Account?


Q: We have been reading for months that the current government is going to begin taking money out of checking and savings accounts. Not sure what to believe. Is there any truth to this, and if so, what can we do about it?

A: Good to hear from you. I listen to a broad mixture of resources.  Most of these resources are not mainstream, which means they take a look at these kinds of stories and follow them very closely. 

None of my resources lend any credibility to these rumors. 

Most of the resources that promote these ideas are marketing newsletter subscriptions. The story about the government taking money from bank accounts is great for the newsletter business. The story stirs up fear in the reader. The newsletter subscription gives them hope that they will be okay. After all, the newsletter is marketed as the solution to preventing this from happening, and for $99.00 a year, that solution could be yours.

I do think there is truth to the Federal Reserve Board creating a new digital dollar. That could happen over the next few years. However, that doesn't mean they will confiscate bank or retirement accounts. Incidentally, those rumors have been floating around since the financial crisis of 2008 - I hope that helps.

Bob

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